MONDAY, JUNE 25: Government formally signed over Morgan’s Point to three developers today as part of a land exchange agreement.
The developers, Craig Christensen, Nelson Hunt and Brian Duppereault, plan to build a $2 billion luxury resort on the land.
The deal also means that the Southlands estate in Warwick is now public property.
Government Estates Minister Michael Scott described the signing as a ‘historic occasion’.
He added: “There has been the expansion of a great deal of blood sweat and tears in between as for a number of years the Government and Developer teams have worked assiduously to turn a dream into a reality
“The Government is holding to its promise to effect the exchange of the Morgan’s Point property in Sandys and Southampton for the pristine Southlands property in Warwick, thereby bringing Bermuda closer to a major hotel construction project and significant development of tourism in Bermuda.
“It means new employment opportunities. It means a major boost to the local construction industry, possibly 1,000 construction jobs over a 20-year period.
“It means significant progress in the provision of a new five-star hotel in which Bermudians can find rewarding career opportunities and jobs across the resort structure.
“It means transformation of the former base lands at Morgan’s Point into a magnificent luxury hotel and condominium project, a world class golf course, a signature beach, marina, boat launching and docking facilities, beach clubs, tennis courts, restaurants and shops.”
Mr Christensen, CEO of Morgan’s Point Limited, added: “This represents a major milestone in the revitalization of tourism for Bermuda.
“This land swap represents the beginning of a new chapter and a great deal of work lies ahead. We have a responsibility to deliver to Bermuda this significant development for the benefit of Bermuda and future generations of Bermudians.
“We look forward to meeting that challenge by working with the Government of Bermuda to deliver an outstanding development that all Bermudians can be proud of for many years to come.”